Question # 1

The transaction for which non separate book is maintained are recorded in:

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Journal proper

Bills receivable book

Bills payable book

Cash book

Retiring a bill under rebate means

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Payment of Bill Before Due Date

Payment of Bill After due date

Discounting of a Bill

Dishonouring of a Bill

The Amount of salary paid to Sohail should be debited to

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Sohail's a/c

Cash Account

Salaries a/c

Both a & c

An expenditure, which increases the utility or productive capacity of an asset is treated as

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Revenue expenditure

Capital expenditure

Deferred expenditure

None of these

The periodical total of purchases returns book is posted to

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Debit of returns outwards account

Credit of returns inwards account

Debit of returns inwards accounts

Credit of returns outwards account

Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500

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suspense A/c

sales A/c

cash A/c

none of above

paid to Nadeem cash Rs. 5000 and a cheque for Rs. 4800 in full settlement of his dued Rs. 10000 should be credited to

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Cash account

Bank account

Discount received account

All of these

The book which is used to record all goods returned by us to our supplier is called

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Returns inwards book

Purchases book

Return outwards book

Sales book

If any expense omitted to be recorded it will

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Overstate the profit

Understate the profit

Both a & b

No effect on profit

A double column cash book is used to record

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Cash transactions only

Cash and bank transaction

Cash, bank and discount transaction

None of these

Expenses related to sale of goods are shown in

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Trading account

Profit or loss account

Balance sheet

Sales account

The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.

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Single , entery system

Accrual system

Double enterysystem

Cash system

In case of del creder commission the liability of bad debts is on

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Consignee

Consignor

Both on consignee and consignor

None of the above

Partnership is formed under the act of.

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1984

1932

1912

1962

In the books of consignor on reciving advance in cash from consignee should be debited to.

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Cash account

Consignee account

Consignment account

None of these

All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to

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Single entry system

Double entry system

Treble entry system

"a" and "b"

Under single entry system sometimes,

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Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

Where a partner become unsound mind the dissolution is considered as.

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Dissolution by court

Dissolution by Notice

Dissolution by agreement

Compulsory dissolution

Receipt and payment account includes.

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Revenue items

Capital items

Both capital and Revenue items

None of the above

The powers of company are governed by the.

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Sharehoders

Memorandum of association

Prospectus

Articles of association

If any partner takes the responsibility to pay the liabilities of the firm at the time of dissolution then it should be credited to.

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Partner's capital account

Realization account

Liabilities accounts

Cash accounts

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